1Q 2021

NORTH SQUARE ALTRINSIC International Equity Fund

TICKER Class I: NSIVX

INVESTMENT PERFORMANCE (%) MORNINGSTAR CATEGORY FOREIGN LARGE BLEND 6 5.84

4.77 PORTFOLIO CHARACTERISTICS

4 Strategy Inception July 2000 3.30 3.48 Fund Inception date December 4, 2020 Benchmark MSCI EAFE

2 Holdings 67 Wtd. Avg. Market Cap $69.28B Median Market Cap $33.20B

0 QTD 1 Year 3 Years 5 Years 7 Years 10 Years Since PORTFOLIO MANAGEMENT Inception John Hock, CFA International Equity Fund MSCI EAFE (Net) Index 21 years with Altrinsic. 31 years industry experience EXPENSE RATIO John DeVita, CFA, CPA Gross Ratio Class I: 1.52% until November 2, 2022, and this agreement may 20 years with Altrinsic. 30 years industry be terminated by the Trust’s Board of Trustees. experience Net Ratio Class I: 0.98% The Advisor is permitted to seek reimbursement The Fund’s advisor has contractually agreed to from the Fund, for three years from the date of Rich McCormick, CFA waive its fees and / or pay for expenses to ensure any such waiver or payment to the extent a class’s 11 years with Altrinsic. 15 years industry they do not exceed 0.97% of the average daily net total annual fund operating expenses do not ex- experience assets of the I Shares. This agreement is in effect ceed the limits described above.

SECTOR WEIGHTS (%) REGION WEIGHTS (%) TOP HOLDINGS Altrinsic MSCI Altrinsic MSCI 3.63% International EAFE International EAFE Plc Class A 3.34% Financials 29.10% 17.49% Europe ex-UK 49.57% 49.09% Nestle S.A. 3.05% Health Care 13.82% 11.63% United Kingdom 17.60% 14.29% Heineken NV 2.83% Consumer Staples 11.98% 10.10% Japan 14.20% 24.82% AXA SA 2.74% Industrials 10.16% 16.27% Other 11.02% 4.51% Zurich Group Ltd 2.69% Information Technology 8.09% 8.50% Americas 3.99% 0.00% GlaxoSmithKline plc 2.58% Communication Services 7.14% 5.55% Australia/New Zealand 0.00% 7.30% Diageo plc 2.56% Consumer Discretionary 6.05% 12.74% The Portfolio is actively managed and current Astellas Pharma Inc. 2.55% holdings and characteristics may be different. The Materials 4.76% 7.90% holdings listed should not be considered recom- Tokio Marine Holdings, Inc. 2.52% Energy 3.01% 3.32% mendations to buy or sell any particular security listed. The holdings identified do not represent all Real Estate 2.29% 2.86% of the securities purchased, sold, or recommend- Utilities 0.00% 3.65% ed for the adviser’s clients. Actual portfolio invest- ments may vary when actually invested. A com- Cash 3.61% 0.00% plete list of holdings is available upon request.

Call 855-551-5521 or visit northsquareinvest.com for the most recent month-end performance results. Fund facts are as of 3/31/21 unless otherwise stated. Current performance may be lower or higher than the performance data quoted. The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE northsquareinvest.com 1Q 2021 NORTH SQUARE ALTRINSIC International Equity Fund

INVESTMENT OBJECTIVE The investment objective of the North Square Altrinsic International Equity Fund is to provide long-term growth of capital.

STOCK SELECTION PROCESS 1 2 3 Idea Generation Fundamental Analysis Security Selection Two sources: • Long-term historical analysis (60-100 stocks) • Screens (valuation & financial • Evaluate management • Bottom-up construction of best ideas productivity) • Determine intrinsic value applying regardless of region or industry • On0the-ground due-diligence multiple measures focusing on future • Apply multi-layer risk controls (meeting with managements, cash flow generation and normalized competitors and suppliers) earnings - Discounted cash flow analysis - Price/normalized earnings - Private market value

4 Risk Management Embedded Throughout the Process • Liquidity • Ownership • Adherence to sell discipline • Market Cap • Environmental, Social and Governance • Multilayer portfolio risk assessment

DIFFERENTIATING ASPECTS OF OUR INVESTMENT PROCESS 1. We apply a Private Equity approach to public equities. • We conduct analysis of capital structures, apply • We approach investments from a long-term perspective normalized financial assumptions, and take a 360° as outright owner of the business. perspective of individual investment sand the overall • Out determination of “value” is absolute, not relative. portfolio from both a micro and macro perspective. Our process respects traditional “factors” (i.e., PE, PB, • The embedded risk in the portfolio is often countercyclical EV/EBITDA, etc.) but focuses on long term drivers of to prevailing risk in the market. We are focused on the financial productivity capital allocation capital structure, asymmetry of possible outcomes and seek to “be greedy management the resulting cash flows, and risk. when others are fearful and fearful when others are • We capitalize on our team’s engagement in global greedy.” industry food chain, cross border perspective, and 3. A culture of understated excellence extensive network to identify a select number of high • Candor and authenticity in all that we do. conviction long-term investments. • Clear objectives, align ed interest, collaboration, and 2. Portfolios are prudently concentrated, exposures tend to effective communication contribute to productive team be very different from benchmark indices and effective risk dynamics and long term results. management has been demonstrated over multiple cycles. • Margin of safety is critical consideration in our analysis of companies and appraisal of overall portfolio risk.

Important Risks: Equity securities, such as common stocks, are subject to Before investing you should carefully consider the Fund’s investment ob- market, economic and business risks that may cause their prices to fluctuate. jectives, risks, charges and expenses. This and other in-formation is in the Investments made in small capitalization companies may be more volatile prospectus, a copy of which may be obtained by calling 855-551-5521. and less liquid due to limited resources or product lines and more sensitive Please read the prospectus carefully before you invest. to economic factors. North Square is an independent investment adviser registered under the Investments in foreign securities may involve risks such as social and po- Investment Advisers Act of 1940, as amended. Registration does not imply a litical instability, market illiquidity, exchange-rate fluctuations, a high level certain level of skill or training. of volatility and limited regulation. Investing in emerging markets involves different and greater risks, as these countries are substantially smaller, less Distributed by Compass Distributors, LLC. liquid and more volatile than securities markets in more developed markets. The MSCI EAFE Index is an equity index which captures large and mid cap representation across 21 Developed Markets countries around the world, ex- cluding the US and Canada. With 896 constituents, the index covers approx- imately 85% of the free float- adjusted market capitalization in each country.

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